明星消费品牌，6800万甩卖控股权

Core Viewpoint - The new retail liquor chain brand Jiu Bian Li is set to change ownership, with approximately 51% of its shares auctioned off and acquired by Chuang Dong Fang Hua Ke Equity Investment Partnership for 68.4 million yuan, indicating a strategic move in the liquor distribution industry [1][2]. Company Summary - Jiu Bian Li, established in 2010, was once a star enterprise in the capital market, known for its innovative "20-minute delivery" model, which led to rapid market expansion and significant funding rounds, including a listing on the New Third Board in 2016 [2]. - The company faced a downturn starting in 2021, with significant changes in ownership and management leading to a drastic decline in performance, including a net loss of 109 million yuan in 2024 [2][3]. - As of mid-2025, Jiu Bian Li reported a revenue of 598 million yuan, a 37.1% year-on-year decline, and a debt ratio of 74%, indicating severe financial distress [3]. Industry Summary - The liquor distribution industry is undergoing accelerated consolidation, with a fragmented market characterized by nearly 940,000 distribution companies, leading to inefficiencies in traditional multi-level distribution models [4]. - The acquisition of Jiu Bian Li by Chuang Dong Fang Hua Ke is seen as a strategic move to integrate assets in the liquor distribution sector, aiming to leverage synergies between Jiu Bian Li and its new partner, Jiu Kuai Dao [3][4]. - The trend of consolidation in the liquor market is expected to continue for the next 3-5 years, as larger companies seek to enhance their bargaining power and competitiveness through mergers and acquisitions [4].